Lam Research (LRCX) 10-K risk factor changes: FY2025 vs FY2024

In addition to the other information in this Annual Report on Form 10-K [removed: (“2024] [added: (“2025] Form 10-K”), the following risk factors should be carefully considered in evaluating us and our business because such factors may significantly impact our business, operating results, and financial condition.

The changes in demand may require our management to adjust spending and other resources allocated to operating [removed: activities.][added: activities, which can be made more challenging due to the multi-year nature of investments made in certain technology programs and other initiatives.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 12

During periods of rapid growth or decline in demand for our products and services, we [added: may] face significant challenges in maintaining adequate financial and business controls, management processes, information systems, and procedures for training, assimilating, and managing our workforce, and in appropriately sizing our supply chain infrastructure and facilities, work force, and other components of our business on a timely basis.

- a decline in demand for our products [removed: or] [added: and/or] services;

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 13

In addition, we face competition from companies that exist in a more favorable legal or regulatory environment than we do, who are able to sell products for certain applications at certain customers that we are prohibited from selling to under applicable export controls, allowing the freedom of action in ways that we may be unable to [removed: match.][added: match and potentially contributing to the strengthening of such companies’ ability to compete with us.]

In many [removed: cases] [added: cases,] speed to solution is necessary for customer satisfaction and our competitors may be better positioned to achieve these objectives.

In addition, the emergence of “big data” and new tools such as machine learning and artificial intelligence [added: (“AI”)] that capitalize on the availability of large data sets is leading semiconductor manufacturers and equipment manufacturers to pursue new products and approaches that exploit those tools to advance technology development.

Future technologies, processes, or product developments may render our [added: current product offerings obsolete, leaving us with non-competitive products, obsolete inventory, or both.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 14

[removed: The outcomes of such an alliance can be the definition of a particular tool set for a certain function and/or the standardization of a series of process steps that use a specific set of manufacturing equipment, while] [added: In addition,] the outcomes of consolidation can [added: potentially] lead to an overall reduction in the market for semiconductor manufacturing equipment as customers’ operations achieve economies of scale and/or increased purchasing power based on their higher volumes.

- legal, tax, accounting, or regulatory changes (including, but not limited to, changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to [removed: China)] [added: China,] or [added: potential additional tariffs on imports, and tariffs imposed by other countries) or] changes in the interpretation or enforcement of existing requirements;

- macroeconomic, industry and market conditions, including those caused by [removed: the Russian invasion of Ukraine,] [added: war,] conflict in the Middle [removed: East,] [added: East or elsewhere, or] bank failures; and geopolitical issues;

- transportation, communication, demand, information technology, or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, [added: international conflict,] widespread outbreak of illness, [added: or] natural or man-made [removed: disasters, international conflict, or] [added: disasters (including disasters resulting from] climate [removed: change;][added: change), including earthquakes, wildfires, hurricanes, flooding, and heat waves;]

- [removed: rising] [added: effects of] inflation or interest rates; and

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 15

Results of Operations of this [removed: 2024] [added: 2025] Form 10-K, accounted for approximately 93%, [removed: 91%,] [added: 93%,] and [removed: 92%] [added: 91%] of total revenue in fiscal years [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] respectively.

A significant trade dispute, [removed: impact] [added: impact,] and/or disruption in any area where we do business could have a materially adverse impact on our future revenue and profits.

In addition, the U.S. government has an ongoing process of assessing technologies that may be subject to new or additional export controls, and it is possible that such additional controls, if and when imposed, could further adversely impact our ability to sell our products outside the U.S. The implementation by the U.S. government of broad export controls restricting access to our technology (such as recent controls limiting exports to China) may cause customers with international operations to reconsider their use of and reliance on our products, which could adversely impact our future revenue and [removed: profits.][added: profits and strengthen competitors who are not subject to such restrictions.]

Furthermore, there are risks that foreign governments may, among other things, take retaliatory actions; insist on the use of local suppliers; compel companies to partner with local companies to design and supply equipment on a local basis, requiring the transfer of intellectual property rights and/or local manufacturing; utilize their influence over their judicial systems to respond to intellectual property disputes or issues; and provide special incentives to government-backed local customers to buy from local competitors, even if their products are inferior to ours; all of which could adversely impact our [added: ability to compete as well as our] revenues and margins.

We expect to continue to enter into hedging transactions, for the [removed: purposes outlined, for the foreseeable future.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 16

[added: Moreover, by hedging these foreign currency denominated revenues, expenses, monetary] assets, and liabilities, we may miss favorable currency trends that would have been advantageous to us but for the hedges.

In addition, to the extent [removed: artificial intelligence] [added: AI] capabilities improve and are increasingly adopted, they may be used to identify vulnerabilities and to implement increasingly sophisticated cybersecurity attacks.

Further, the use of [removed: artificial intelligence] [added: AI] by us, our customers, suppliers, and third-party providers, among others, may also introduce unique vulnerabilities whose existence or exploitation could have a material adverse effect on our business or operations.

- our failure to meet, or violation of, regulatory or other legal obligations, such as the timely publication or filing of financial statements, tax [removed: information] [added: information,] and other required communications.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 17

For more information about our restructuring plan, see [removed: [Note 21: Restructuring charges, net](#i464eb12cd10b49e08cec61867f415051_145) of] [added: [Note](#i741682724a1a48e58764141f1ff950bd_145) [](#i741682724a1a48e58764141f1ff950bd_145)[2](#i741682724a1a48e58764141f1ff950bd_145)[0](#i741682724a1a48e58764141f1ff950bd_145) to] our Consolidated Financial Statements in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K.

- volatility in the availability and cost of parts, materials or services, including increased costs due to [added: tariffs,] rising inflation or interest rates or other market conditions;

- shortages of semiconductor or other components or materials as a result of increases in [removed: demand;][added: demand or decreases in supply, including as a result of export restrictions on particular parts or materials used by us or our direct or indirect suppliers;]

- transportation or supply disruptions based on factors outside our control, such as strikes, acts of God, wars, terrorist activities, [added: international conflict,] widespread outbreak of illness, [added: or] natural or man-made [removed: disasters, international conflict, or] [added: disasters (including disasters resulting from] climate [removed: change.][added: change), including earthquakes, wildfires, hurricanes, flooding, and heat waves.]

Demand for electronic products and other factors, [removed: such as the COVID-19 pandemic,] have resulted in, and may in the future result in, a shortage of parts, materials and services needed to manufacture, deliver and install our products, as well as delays in and unpredictability of shipments due to transportation interruptions.

In addition, difficulties in obtaining parts, materials or services necessary to deliver or install products or perform services have adversely impacted, and may in the future adversely impact, our ability to recognize revenue, our gross margins on the revenue we [added: recognize, and our other operating results.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 18

[removed: In some cases, the requirements] of our business mandate that we obtain certain components and sub-assemblies included in our products from a single supplier or a limited group of suppliers.

These locations are subject to disruption for a variety of reasons, such as natural or man-made [removed: disasters,] [added: disasters (including disasters resulting from climate change), including earthquakes, wildfires, hurricanes, flooding, and heat waves,] widespread outbreaks of illness, war, terrorist activities, political or governmental unrest or instability, disruptions of our information technology resources, utility interruptions, international conflict, [removed: the effects of climate change,] or other events beyond our control.

[removed: The COVID-19 Pandemic Adversely Impacted, and] [added: Epidemics, Pandemics or Outbreaks of Diseases] May [removed: in the Future] Adversely [removed: Impact,] [added: Impact] Our Business, Operations, and Financial Results

[removed: The COVID-19 pandemic and] [added: Such governmental] efforts [removed: by national, state and local governments worldwide to control its spread resulted] [added: may result] in measures aimed at containing the [added: applicable] disease such as quarantines, travel bans, shutdowns, and shelter in place or “stay at home” orders, which collectively [removed: significantly restricted] [added: have] the [removed: movement of people and goods and] [added: potential to significantly restrict] the ability of businesses to operate.

[removed: While the exceptional COVID-19 related challenges have mostly subsided, these] [added: In addition,] restrictions [added: resulting from global health crises] and [removed: measures,] [added: related measures aimed at containing the applicable disease,] incidents of confirmed or suspected infections within our workforce or those of our suppliers or other business partners, and [removed: our] efforts to act in the best interests of our employees, customers, and suppliers, [removed: previously affected and] in [removed: the future] [added: connection with a pandemic or disease outbreak,] may affect our business and operations by, among other things, causing facility closures, production delays and capacity limitations; disrupting production by our supply chain; disrupting the transport of goods from our supply chain to us and from us to our customers; requiring modifications to our business processes; requiring the implementation of business continuity plans; requiring the development and qualification of alternative sources of supply; requiring the implementation of social distancing measures that impede manufacturing processes; disrupting business travel; disrupting our ability to staff our on-site manufacturing and research and development facilities; delaying capital expansion projects; and necessitating teleworking by portions of our workforce.

The outcomes of such an alliance can be the definition of a particular tool set for a certain function and/or the standardization of a series of process steps that use a specific set of manufacturing equipment.

- the impact of reductions in government spending;

Our customers (and their customers and other downstream parties) may also be adversely affected by the tariffs, export controls and other trade issues described above.

Additionally, certain materials are primarily available in a limited number of countries, including rare earth elements, minerals, and metals.

The supplies, equipment, raw materials and other inputs necessary for the businesses of our customers and other downstream parties could become more difficult to obtain for various reasons not limited to business interruptions of suppliers, reduced availability of labor, transit disruptions, consolidation in their supply chain, export controls, sanctions, trade restrictions, tariffs, geopolitical tensions, economic circumstances, conflict, or political conditions.

If the ability of downstream parties to source the inputs needed to produce their products is impaired, then demand for our products may be adversely impacted.

This could have a material adverse effect on our business, results of operations or financial condition.

purposes outlined, for the foreseeable future.

- restrictions on the import and sale of products that incorporate technologies developed or manufactured in whole or in part in certain countries;

In some cases, the requirements

Epidemics, pandemics or outbreaks of diseases may arise at any time and may have significant business, operational, and financial impacts.

For example, the COVID-19 pandemic has in the past and additional global heath crises may in the future result in efforts by national, state and local governments worldwide to control the applicable disease’s spread.

Global health crises may also have significant macroeconomic impacts, including, but not limited to, significant disruption of global financial markets, increases in levels of unemployment, and economic uncertainty.

- slower than anticipated development of various target markets that utilize new technologies; or

Managing an acquired business, disposing of product

issues.

- the impact of reductions in government spending;

- change the nature of our business;

If one of our counterparties were to

Lam Research Corporation 2025 10-K 24

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

current product offerings obsolete, leaving us with non-competitive products, obsolete inventory, or both.

Further, in periods in which the U.S. dollar is strong relative to the local currencies of our international customers, this can potentially reduce demand for our products, which may compound the adverse effect of foreign exchange translation on our revenue.

Moreover, by hedging these foreign currency denominated revenues, expenses, monetary

In addition, our currency hedges do not necessarily mitigate the potential negative impact of a strong U.S. dollar on demand for our products.

recognize, and our other operating results.

property rights of such other third parties, or other claims made against certain parties.

On August 16, 2022, the Inflation Reduction Act (the “IRA”) was signed into law.

In general, the provisions of the IRA are effective beginning with our fiscal year 2024, with certain exceptions.

The IRA includes a new 15% corporate alternative minimum tax.

We have evaluated the impacts of the IRA, including guidance issued by the Treasury Department, and do not expect it to have a material impact on our effective tax rate.

In addition, the U.S. has made several corporate income tax proposals, including changes in the taxation of non-U.S. income.

If enacted, such changes could have a material impact on our effective tax rate.

Our actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors, including but not limited to those discussed in “Risk Factors” and elsewhere in this [removed: 2024] [added: 2025] Form 10-K and other documents we file from time to time with the Securities and Exchange Commission.

(See “Cautionary Statement Regarding Forward-Looking Statements” in Part I of this [removed: 2024] [added: 2025] Form 10-K.)

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) provides a description of our results of operations and should be read in conjunction with our Consolidated Financial Statements and accompanying Notes to Consolidated Financial Statements included in [Part II, Item [removed: 8](#i464eb12cd10b49e08cec61867f415051_58)] [added: 8](#i741682724a1a48e58764141f1ff950bd_61)] of this [removed: 2024] [added: 2025] Form 10-K.

We have built a strong global presence with core competencies in areas like nanoscale [removed: applications] [added: manufacturing] enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines.

Our products and services are designed to help our customers build [removed: smaller,] [added: smaller] and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, [added: cloud and enterprise] servers, wearables, automotive vehicles, and data storage devices.

Semiconductor manufacturing, our customers’ business, involves the [removed: complete] fabrication of multiple dies or integrated circuits on a wafer.

Fabricating these devices requires [added: a sequence of] highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale.

In the short term, [added: volatility in] the [removed: uncertain] semiconductor [removed: demand environment,] [added: industry environment from trade restrictions, tariffs,] as well as other [added: direct and indirect] risks and uncertainties, [added: have had, and in the future] may [removed: continue to negatively] [added: have, a negative] impact [added: on] our revenue and operating margin.

Over the longer term, we believe that secular demand for semiconductors, combined with technology inflections in our industry, including 3D device scaling, multiple patterning, process flow, and advanced packaging chip integration, will [added: drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 29

| June [removed: 30, 2024] [added: 29, 2025] | | | | | | June [removed: 25, 2023] [added: 30, 2024] | | | | | | June [removed: 26, 2022] [added: 25, 2023] | | | | | | [removed: FY24] [added: FY25] vs. [removed: FY23] [added: FY24] | | | | | | | | | | | | [removed: FY23] [added: FY24] vs. [removed: FY22] [added: FY23] | | | | | | | | | | | |

| Revenue | | | $ | [removed: 14,905,386] [added: 18,435,591] | | | | | $ | [removed: 17,428,516] [added: 14,905,386] | | | | | $ | [removed: 17,227,039] [added: 17,428,516] | | | | | $ | [removed: (2,523,130)] [added: 3,530,205] | | | | | [removed: (14.5)] [added: 23.7] | | % | | | | $ | [removed: 201,477] [added: (2,523,130)] | | | | | [removed: 1.2] [added: (14.5)] | | % |

| Gross margin | | | $ | [removed: 7,052,791] [added: 8,979,059] | | | | | $ | [removed: 7,776,925] [added: 7,052,791] | | | | | $ | [removed: 7,871,807] [added: 7,776,925] | | | | | $ | [removed: (724,134)] [added: 1,926,268] | | | | | [removed: (9.3)] [added: 27.3] | | % | | | | $ | [removed: (94,882)] [added: (724,134)] | | | | | [removed: (1.2)] [added: (9.3)] | | % |

| Gross margin as a percent of total revenue | | | [removed: 47.3] [added: 48.7] | | % | | | | [removed: 44.6] [added: 47.3] | | % | | | | [removed: 45.7] [added: 44.6] | | % | | | | \+ [removed: 270] [added: 140] bps | | | | | | | | | | | | [removed: \- 110] [added: \+ 270] bps | | | | | | | | |

| Total operating expenses | | | $ | [removed: 2,788,878] [added: 3,078,091] | | | | | $ | [removed: 2,602,065] [added: 2,788,878] | | | | | $ | [removed: 2,489,985] [added: 2,602,065] | | | | | $ | [removed: 186,813] [added: 289,213] | | | | | [removed: 7.2] [added: 10.4] | | % | | | | $ | [removed: 112,080] [added: 186,813] | | | | | [removed: 4.5] [added: 7.2] | | % |

| Net income | | | $ | [removed: 3,827,772] [added: 5,358,217] | | | | | $ | [removed: 4,510,931] [added: 3,827,772] | | | | | $ | [removed: 4,605,286] [added: 4,510,931] | | | | | $ | [removed: (683,159)] [added: 1,530,445] | | | | | [removed: (15.1)] [added: 40.0] | | % | | | | $ | [removed: (94,355)] [added: (683,159)] | | | | | [removed: (2.0)] [added: (15.1)] | | % |

Our cash and cash equivalents and restricted cash balances totaled approximately [removed: $5.9] [added: $6.4] billion as of June [removed: 30, 2024,] [added: 29, 2025,] compared to [removed: $5.6] [added: $5.9] billion as of June [removed: 25, 2023.][added: 30, 2024.]

Cash flows provided from operating activities [removed: was $4.7] [added: were $6.2] billion for fiscal year [removed: 2024] [added: 2025] compared to [removed: $5.2] [added: $4.7] billion for fiscal year [removed: 2023.][added: 2024.]

Cash flows provided from operating activities in fiscal year [removed: 2024 was] [added: 2025 were] primarily used for [removed: $2.8] [added: $3.4] billion in treasury stock purchases, including net share settlement [removed: on] [added: of] employee stock-based compensation; [removed: $1.0] [added: $1.1] billion in dividends paid to our stockholders; [removed: and $397] [added: $759] million of capital [removed: expenditures.][added: expenditures; and $507 million of principal payment on debt instruments and debt issuance costs.]

| June [removed: 30, 2024] [added: 29, 2025] | | | | | | June [removed: 25, 2023] [added: 30, 2024] | | | | | | June [removed: 26, 2022] [added: 25, 2023] | | | | | |

| Revenue (in millions) | | | $ | [removed: 14,905] [added: 18,436] | | | | | $ | [removed: 17,429] [added: 14,905] | | | | | $ | [removed: 17,227] [added: 17,429] | |

| China | | | [removed: 42] [added: 34] | | % | | | | [removed: 26] [added: 42] | | % | | | | [removed: 31] [added: 26] | | % |

| Korea | | | [removed: 19] [added: 22] | | % | | | | [removed: 20] [added: 19] | | % | | | | [removed: 23] [added: 20] | | % |

| Taiwan | | | [removed: 11] [added: 19] | | % | | | | [removed: 20] [added: 11] | | % | | | | [removed: 17] [added: 20] | | % |

| Japan | | | 10 | | % | | | | 10 | | % | | | | [removed: 9] [added: 10] | | % |

| United States | | | 7 | | % | | | | [removed: 9] [added: 7] | | % | | | | [removed: 8] [added: 9] | | % |

| Southeast Asia | | | [removed: 6] [added: 5] | | % | | | | [removed: 8] [added: 6] | | % | | | | 8 | | % |

| Europe | | | [removed: 5] [added: 3] | | % | | | | [removed: 7] [added: 5] | | % | | | | [removed: 4] [added: 7] | | % |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 30

Revenue decreased in fiscal year 2024 compared to fiscal year 2023 mainly due to decreases in non-volatile [removed: memory,] [added: memory spending,] partially offset by increases in DRAM spending by our customers.

| | | | June [removed: 30, 2024] [added: 29, 2025] | | | | | | June [removed: 25, 2023] [added: 30, 2024] | | | | | | June [removed: 26, 2022] [added: 25, 2023] | | |

| Systems Revenue | | | $ | [removed: 8,921,643] [added: 11,491,280] | | | | | $ | [removed: 10,695,897] [added: 8,921,643] | | | | | $ | [removed: 11,322,271] [added: 10,695,897] | |

| Customer support-related revenue and other | | | [removed: 5,983,743] [added: 6,944,311] | | | | | | [removed: 6,732,619] [added: 5,983,743] | | | | | | [removed: 5,904,768] [added: 6,732,619] | | |

| | | | $ | [removed: 14,905,386] [added: 18,435,591] | | | | | $ | [removed: 17,428,516] [added: 14,905,386] | | | | | $ | [removed: 17,227,039] [added: 17,428,516] | |

Please refer to [Note 4: [removed: Revenue](#i464eb12cd10b49e08cec61867f415051_88)] [added: Revenue](#i741682724a1a48e58764141f1ff950bd_91)] of our Consolidated Financial Statements in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K for additional information regarding the composition of the two categories into which revenue has been disaggregated.

| Memory | | | 42 | | % | | | | 42 | | % | | | | [removed: 60] [added: 42] | | % |

| Foundry | | | [removed: 40] [added: 45] | | % | | | | [removed: 38] [added: 40] | | % | | | | [removed: 26] [added: 38] | | % |

| Logic/integrated device manufacturing | | | [removed: 18] [added: 13] | | % | | | | [removed: 20] [added: 18] | | % | | | | [removed: 14] [added: 20] | | % |

| June [removed: 30, 2024] [added: 29, 2025] | | | | | | June [removed: 25, 2023] [added: 30, 2024] | | | | | | June [removed: 26, 2022] [added: 25, 2023] | | | [removed: FY24] [added: FY25] vs. [removed: FY23] [added: FY24] | | | | | | | | | | | | [removed: FY23] [added: FY24] vs. [removed: FY22] [added: FY23] | | | | | | | | | | | | | | |

| Percent of revenue | | | [removed: 47.3] [added: 48.7] | | % | | | | [removed: 44.6] [added: 47.3] | | % | | | | [removed: 45.7] [added: 44.6] | | % | | | | \+ [removed: 270] [added: 140] bps | | | | | | | | | | | | [removed: \- 110] [added: \+ 270] bps | | | | | | | | |

Wafer fabrication equipment spending levels were strong in the 2025 fiscal year driven by an increase in both the memory and non-memory market segments.

On October 2, 2024, the Company effected a ten-for-one stock split of its common stock and a proportional increase in the number of authorized shares.

All references made to share or per share amounts throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations have been retroactively adjusted to reflect the stock split.

| Net income per diluted share | | | $ | 4.15 | | | | | $ | 2.90 | | | | | $ | 3.32 | | | | | $ | 1.25 | | | | | 43.1 | | % | | | | $ | (0.42) | | | | | (12.7) | | % |

Fiscal year 2025 revenue increased 23.7% compared to fiscal year 2024, driven by strong customer demand for semiconductor equipment systems as well as customer support-related revenues from customer investments across memory and non-memory markets.

Gross margin as a percentage of revenue increased in fiscal year 2025 compared to fiscal year 2024 largely due to improved factory efficiencies and favorable product mix, partially offset by increased transformational charges.

The increase in operating expenses in fiscal year 2025 compared to fiscal year 2024 was driven by higher employee-related costs primarily as a result of increased headcount, increased spending on transformational activities, and higher outside service expense.

Revenue increased in fiscal year 2025 compared to fiscal year 2024 due to increased equipment spending by our customers across Memory and Foundry market segments as well as increased customer support-related revenue for upgrades, spares, and services.

The deferred revenue balance increased to $2.7 billion as of June 29, 2025 compared to $1.6 billion as of June 30, 2024 primarily due to an increase in advance deposits from newer customers.

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | | | |

| Gross margin | | | $ | 8,979,059 | | | | | $ | 7,052,791 | | | | | $ | 7,776,925 | | | | | $ | 1,926,268 | | | | | 27.3 | | % | | | | $ | (724,134) | | | | | (9.3) | | % |

The increase in gross margin as a percentage of revenue for fiscal year 2025 compared to fiscal year 2024 was largely due to improved factory efficiencies and favorable product mix, partially offset by increased transformational charges.

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | FY25 vs. FY24 | | | | | | | | | | | | FY24 vs. FY23 | | | | | | | | | | | | | | |

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | FY25 vs. FY24 | | | | | | | | | | | | FY24 vs. FY23 | | | | | | | | | | | | | | |

The increase in SG&A expense during fiscal year 2025 compared to fiscal year 2024 was primarily driven by an increase of $112 million in employee-related costs as a result of increased headcount.

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | FY25 vs. FY24 | | | | | | | | | | | | FY24 vs. FY23 | | | | | | | | | | | | | | |

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | FY25 vs. FY24 | | | | | | | | | | | | FY24 vs. FY23 | | | | | | | | | | | | | | |

Interest income decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to lower interest rates, partially offset by higher cash balances.

Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $500 million of the Company’s senior notes in March 2025.

| June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | | FY25 vs. FY24 | | | | | | | | | | | | FY24 vs. FY23 | | | | | | | | | | | | | | |

The decrease in the effective tax rate in fiscal year 2025 as compared to fiscal year 2024 was primarily due to the recognition of previously unrecognized tax benefits from lapses of statutes of limitation in fiscal year 2025 and the change in level and proportion of income in higher and lower tax jurisdictions.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was signed into law by U.S. President Donald Trump.

The impact on income taxes due to change in legislation is required, under Accounting Standards Codification (“ASC”) 740, Income Taxes, to be recognized in the period in which the law is enacted, which is during our fiscal year 2026.

In general, the OBBBA introduces changes to U.S. taxation, including changes in the taxation of non-U.S. income.

We are currently assessing the potential implications of these changes to our fiscal year 2026 Consolidated Financial Statements.

We have an accounting policy election to record deferred taxes related to Global Intangible Low-Taxed Income (“GILTI”).

We have a policy to include interest and penalties related to uncertain tax positions as a component of income tax expense.

| Net income | | | $ | 5,358,217 | |

| Other | | | 6,845 | | |

| | | | $ | 6,173,264 | |

In March 2025, $500 million principal value of our 2025 Notes were settled upon maturity using available cash on hand.

In January 2025, we entered into a Third Amended and Restated Credit Agreement.

The amendment increased the unsecured revolving credit facility commitment from $1.5 billion to $2.0 billion and extended the maturity of the facility from June 2026 to January 2030.

The facility provides for an expansion option that will allow us, subject to certain requirements, to request an increase in the facility of up to an additional $750 million, for a potential total commitment of $2.75 billion.

Please refer to [Note 14, “Long-term Debt and Other Borrowing](#i741682724a1a48e58764141f1ff950bd_124)[s"](#i741682724a1a48e58764141f1ff950bd_124) to our Consolidated Financial Statements, included in Part II, Item 8 of this 2025 Form 10-K for additional information.

In addition, in the ordinary course of business, we issue purchase orders based on estimates of our production needs, many times well in advance of delivery dates.

The commitments under these open purchase orders are not included in the off-balance sheet commitments disclosed in the Notes to the Consolidated Financial Statements, as we generally have the option to cancel the purchase orders at our convenience, reschedule, and/or adjust quantities based on our business needs.

As of June 29, 2025, we expect to fulfill approximately $387 million within one year related to these arrangements.

During fiscal year 2024, wafer fabrication equipment spending was roughly flat on a year-on-year basis, with strength in the DRAM market, offset by declines in the non-volatile memory, Foundry, and Logic markets.

In the quarter ended March 26, 2023, we initiated a restructuring plan designed to better align the Company’s cost structure with industry investment levels.

We invested in a number of business process improvements and initiatives and incurred expenditures from these activities of approximately $315 million, inclusive of the restructuring activity during the second half of fiscal year 2023 and the 2024 fiscal year.

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

drive sustainable growth and lead to an increase in the served available market for our products and services in the deposition, etch, and clean businesses.

| Net income per diluted share | | | $ | 29.00 | | | | | $ | 33.21 | | | | | $ | 32.75 | | | | | $ | (4.21) | | | | | (12.7) | | % | | | | $ | 0.46 | | | | | 1.4 | | % |

Fiscal year 2023 revenue was slightly higher than fiscal year 2022.

Customer support-related revenue increased in fiscal year 2023 due to continued strength in specialty node investments, which was offset by a decline in our systems revenue as a result of semiconductor demand weakness, largely in the memory market.

Gross margin as a percentage of revenue decreased due to inflationary cost pressures that led to higher spending on material costs, as well as costs associated with restructuring related activities, partially offset by favorable customer and product mix.

The increase in operating expenses in fiscal year 2023 compared to fiscal year 2022 was driven by higher deferred compensation plan-related costs, restructuring-related charges, employee-related costs as a result of increased headcount, depreciation and amortization, and supplies, partially offset by a decrease in amortization of intangible assets as the intangible assets associated with the acquisition of Novellus have fully amortized.

The China region had the largest geographic concentration with 42% of our revenues during this period.

Revenue increased in fiscal year 2023 compared to fiscal year 2022 primarily due higher revenue from CSBG related to strength in mature node equipment, while the overall Asia region continued to account for a majority of our revenues.

The deferred revenue balance decreased to $1.6 billion as of June 30, 2024 compared to $1.8 billion as of June 25, 2023.

primarily due to a decrease in advance deposits from newer customers.

The decrease in gross margin as a percentage of revenue for fiscal year 2023 compared to fiscal year 2022 was due to inflationary cost pressures that led to higher spending on material costs, partially offset by favorable customer and product mix.

The decrease in SG&A expense during fiscal year 2023 compared to fiscal year 2022 was primarily driven by a decrease of $44 million in amortization of intangible assets, as the intangible assets associated with the acquisition of Novellus have fully amortized, as well as from $12 million in lower employee-related costs, partially offset by $17 million in higher deferred compensation plan-related costs.

Beginning in our fiscal year 2023, a provision enacted as part of the 2017 Tax Cuts & Jobs Act requires us to capitalize research and experimental expenditures for tax purposes.

Due to this provision, we expect our cash tax payments to increase significantly in the near term and stabilize in future years as the capitalized expenditures continue to amortize.

On August 16, 2022, the IRA was signed into law.

In general, the provisions of the IRA are effective beginning with our fiscal year 2024, with certain exceptions.

The IRA includes a new 15% corporate alternative minimum tax.

We have evaluated the impacts of the IRA, including guidance issued by the Treasury Department, and do not expect it to have a material impact on our effective tax rate.

| Net income | | | $ | 3,827,772 | |

| Other | | | 10,243 | | |

| | | | $ | 4,652,269 | |

As of June [removed: 30, 2024,] [added: 29, 2025,] we had [removed: $5.0] [added: $4.5] billion in principal amount of fixed-rate long-term debt outstanding, with a fair value of [removed: $4.3] [added: $3.9] billion.

The unrealized gain of our outstanding forward and option contracts that are designated as cash flow hedges, as of June [removed: 30, 2024,] [added: 29, 2025,] and the change in fair value of these cash flow hedges assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.

The unrealized loss of our outstanding foreign currency forward contracts that are designated as balance sheet hedges, as of June [removed: 30, 2024,] [added: 29, 2025,] and the change in fair value of these balance sheet hedges, assuming a hypothetical foreign currency exchange rate movement of plus or minus 10 percent and plus or minus 15 percent are not significant.

These changes in fair values would be offset in other income (expense), net, by corresponding [removed: change] [added: changes] in fair values of the foreign currency denominated monetary assets and liabilities, assuming the hedge contract fully covers the intercompany and trade receivable balances.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 36

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 3

We have built a strong global presence with core competencies in areas such as nanoscale [removed: applications] [added: manufacturing] enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.

Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, [added: cloud and enterprise] servers, wearables, automotive vehicles, and data storage devices.

Semiconductor manufacturing, our customers’ business, involves the [removed: complete] fabrication of multiple dies or integrated circuits (“ICs”) on a wafer.

Fabricating these devices requires [added: a sequence of] highly sophisticated process technologies to integrate an increasing array of new materials with precise control at the atomic scale.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 4

Our ALTUS® systems combine CVD and ALD technologies to deposit the highly conformal or selective films as needed for advanced tungsten or molybdenum metallization [added: (ALTUS® Halo)] applications in both logic and memory.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 5

For example, ALD films are critical for [added: low-k spacers for device power consumption/speed, dielectric gapfills in high aspect ratio features for isolation and device performance, as well as for] spacer-based multiple patterning schemes where the spacers help define critical [removed: dimensions, as well as for insulating liners and gapfill in high aspect ratio features, which have little tolerance for voids and even the smallest defect.][added: dimensions.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 6

All references to fiscal years apply to our fiscal years, which ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022.][added: 25, 2023.]

We maintain ongoing service relationships with our customers and have an extensive network of service engineers in place throughout the United [removed: States,] [added: States (“U.S.”),] China, Europe, India, Japan, Korea, Southeast Asia, and Taiwan.

The warranty is limited to repair of the defect or replacement with new or like-new equivalent goods and is valid when the buyer provides prompt notification within the warranty period of the claimed defect [added: or non-conformity and also makes the items available for inspection and repair.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 7

A significant portion of our sales and operations occur outside the United States [removed: (“U.S.”)] and, therefore, may be subject to certain risks, including but not limited to compliance with U.S. and international laws and regulations, including U.S. export restrictions; tariffs and other barriers; difficulties in staffing and managing non-U.S. operations; adverse tax consequences; foreign currency exchange rate fluctuations; changes in currency controls; and economic and political conditions.

Refer to [Note [removed: 19](#i464eb12cd10b49e08cec61867f415051_139)] [added: 19](#i741682724a1a48e58764141f1ff950bd_139)] of our Consolidated Financial Statements, included in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K, for the attribution of revenue by geographic region.

Refer to [Note [removed: 19](#i464eb12cd10b49e08cec61867f415051_139)] [added: 19](#i741682724a1a48e58764141f1ff950bd_139)] of our Consolidated Financial Statements, included in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K, for information concerning the geographic locations of long-lived assets.

Refer to [Note [removed: 9](#i464eb12cd10b49e08cec61867f415051_106)] [added: 9](#i741682724a1a48e58764141f1ff950bd_109)] of our Consolidated Financial Statements, included in Part II, Item 8 of this report, for information concerning customer concentrations.

Our most significant customers during the fiscal years ending June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] included [removed: Micron Technology, Inc.;] Samsung Electronics Company, [removed: Ltd.; SK hynix Inc.;] [added: Ltd.] and Taiwan Semiconductor Manufacturing Company.

Refer to [Note [removed: 17](#i464eb12cd10b49e08cec61867f415051_130)] [added: 17](#i741682724a1a48e58764141f1ff950bd_133)] of our Consolidated Financial Statements, included in Part II, Item 8 of this report, for further information concerning our outsourcing commitments, reported as a component of purchase obligations.

As a public company with global operations, we are subject to a variety of governmental regulations across multiple jurisdictions, including those related to export controls, financial and other disclosures, corporate governance, anti-trust, intellectual property, privacy, anti-bribery, anti-corruption, anti-boycott, tax, [added: tariffs,] labor, health and safety, conflict minerals, human trafficking, the management of hazardous materials, and carbon emissions, among others.

For additional details, please refer to “Legal, Regulatory and Tax Risks – We Are Exposed to Various Risks from Our Regulatory Environment” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 8

[removed: For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our] Future Success Depends Heavily on International Sales and the Management of Global Operations” and “Legal, Regulatory and Tax Risks – Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

For additional details regarding the impacts of compliance with tax laws and regulations, please refer to “Legal, Regulatory and Tax Risks – Our Financial Results May Be Adversely Impacted by Higher than Expected Tax Rates or Exposure to Additional Tax Liabilities” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

For additional details regarding the impacts of regulations on acquisitions or dispositions we may attempt, please refer to “Business and Operational Risks – If We Choose to Acquire or Dispose of Businesses, Product Lines, and Technologies, We May Encounter Unforeseen Costs and Difficulties That Could Impair Our Financial Performance” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

For additional details regarding the impacts of compliance with environmental laws and regulations, please refer to “Legal, Regulatory and Tax Risks – Increasing and Evolving Environmental Regulations May Adversely Affect Our Operating Results” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

Our [removed: ESG report] [added: Global Impact Report] for calendar year [removed: 2023] [added: 2024] details, among other items, a number of ESG goals.

There have been no material impacts to capital expenditures or our results of operations associated with this goal, and there are no material cash commitments associated with the goal as of the fiscal year ended June [removed: 30, 2024.][added: 29, 2025.]

Information contained on our website or in our annual [removed: ESG] [added: Global Impact] Report is not incorporated by reference into this or any other report we file with the Securities and Exchange Commission, or the SEC.

Refer to [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16)] [added: Factors](#i741682724a1a48e58764141f1ff950bd_16)] for a discussion of risks and uncertainties we face related to ESG.

We face competition from a number of established and emerging [added: equipment] companies in the industry.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 9

[added: If our competitors make] acquisitions or enter into strategic relationships with leading semiconductor manufacturers, or other entities, covering products similar to those we sell, our ability to sell our products to those customers could be adversely affected.

[removed: Strategic investments] [added: Government and other initiatives] to encourage local semiconductor manufacturing and supply chain in [removed: China] [added: countries outside of the U.S., including China,] could increase competition from domestic equipment [added: and spare parts] manufacturers in [removed: China.][added: those countries.]

Additionally, the U.S. Government has enacted a number of export controls regulating the sales of certain technologies to customers in China, [removed: which provides an advantage to our international competitors.][added: including entity listings of]

We endeavor to be a great place to work globally by investing in a multi-faceted strategy that is rooted in building an inclusive [removed: and diverse] workplace.

As of August [removed: 22, 2024,] [added: 7, 2025,] we had approximately [removed: 17,450] [added: 19,000] regular full-time employees, of which over 29% were engaged in research and development.

Approximately [removed: 44%] [added: 43%] of our regular full-time employees are located in the United States, [removed: 49%] [added: 50%] in Asia, and 7% in Europe.

We conduct a global survey at a regular cadence to gather input from employees on culture, [removed: I&D,] career opportunity, and manager effectiveness.

These applications have little tolerance for voids and even the smallest defect.

For additional details regarding the impacts of compliance with trade laws and regulations, please refer to “Business and Operational Risks – Our

multiple customers, thus restricting the sales of equipment and spare parts by U.S. equipment suppliers.

This provides an advantage to our international competitors that are not subject to these restrictions.

Sales Operations.

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

or non-conformity and also makes the items available for inspection and repair.

We also offer extended warranty packages to our customers to purchase as desired.

If our competitors make

Inclusion and Diversity

To achieve their full potential, we believe it is important for every employee to feel valued, included, and empowered.

We embrace inclusion and diversity (“I&D”) and proactively create opportunities to attract, retain, develop, and reward our employees.

I&D is one of our strategic focus areas for the company.

The three core pillars of our strategy include fostering inclusion, increasing diversity, and sharing our progress.

We employ an executive leader of I&D who is responsible for driving our I&D strategy, building partnerships, and aligning with best practices.

managers, and our Human Resource Support and Employee Relations programs.

manager of the Global Products Group from September 2013 to December 2016.

Please refer to the subsection entities “Legal Proceedings” within [Note 17: Commitments and [removed: Contingencies](#i464eb12cd10b49e08cec61867f415051_130)] [added: Contingencies](#i741682724a1a48e58764141f1ff950bd_133)] to our Consolidated Financial Statements included in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K.

For the fiscal year ended June [removed: 30, 2024][added: 29, 2025]

The aggregate market value of the Registrant’s Common Stock, $0.001 par value, held by non-affiliates of the Registrant, as of December [removed: 24, 2023,] [added: 29, 2024,] the last business day of the most recently completed second fiscal quarter, was [removed: $83,831,499,278.][added: $76,867,228,862.]

As of August [removed: 22, 2024,] [added: 7, 2025,] the Registrant had [removed: 129,876] [added: 1,265,621] thousand outstanding shares of Common Stock.

Parts of the Registrant’s Proxy Statement for the Annual Meeting of Stockholders expected to be held on or about November [removed: 5, 2024,] [added: 4, 2025,] are incorporated by reference into Part III of this Form 10-K.

[removed: 2024] [added: 2025] ANNUAL REPORT ON FORM 10-K

| Item 1. | | | [removed: [Business](#i464eb12cd10b49e08cec61867f415051_13)] [added: [Business](#i741682724a1a48e58764141f1ff950bd_13)] | | | [removed: [3](#i464eb12cd10b49e08cec61867f415051_13)] [added: [3](#i741682724a1a48e58764141f1ff950bd_13)] | | |

| Item 1A. | | | [Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16)] [added: Factors](#i741682724a1a48e58764141f1ff950bd_16)] | | | [removed: [12](#i464eb12cd10b49e08cec61867f415051_16)] [added: [12](#i741682724a1a48e58764141f1ff950bd_16)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#i464eb12cd10b49e08cec61867f415051_19)] [added: Comments](#i741682724a1a48e58764141f1ff950bd_19)] | | | [removed: [24](#i464eb12cd10b49e08cec61867f415051_19)] [added: [25](#i741682724a1a48e58764141f1ff950bd_19)] | | |

| Item 2. | | | [removed: [Properties](#i464eb12cd10b49e08cec61867f415051_22)] [added: [Properties](#i741682724a1a48e58764141f1ff950bd_25)] | | | [removed: [26](#i464eb12cd10b49e08cec61867f415051_22)] [added: [26](#i741682724a1a48e58764141f1ff950bd_25)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#i464eb12cd10b49e08cec61867f415051_25)] [added: Proceedings](#i741682724a1a48e58764141f1ff950bd_28)] | | | [removed: [26](#i464eb12cd10b49e08cec61867f415051_25)] [added: [26](#i741682724a1a48e58764141f1ff950bd_28)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#i464eb12cd10b49e08cec61867f415051_28)] [added: Disclosures](#i741682724a1a48e58764141f1ff950bd_31)] | | | [removed: [26](#i464eb12cd10b49e08cec61867f415051_28)] [added: [26](#i741682724a1a48e58764141f1ff950bd_31)] | | |

| [Part [removed: II.](#i464eb12cd10b49e08cec61867f415051_31)] [added: II.](#i741682724a1a48e58764141f1ff950bd_34)] | | | | | | | | |

| Item 5. | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i464eb12cd10b49e08cec61867f415051_34)] [added: Securities](#i741682724a1a48e58764141f1ff950bd_37)] | | | [removed: [27](#i464eb12cd10b49e08cec61867f415051_34)] [added: [27](#i741682724a1a48e58764141f1ff950bd_37)] | | |

| Item 6. | | | [removed: \[[Reserved](#i464eb12cd10b49e08cec61867f415051_37)\]] [added: \[[Reserved](#i741682724a1a48e58764141f1ff950bd_40)\]] | | | [removed: [29](#i464eb12cd10b49e08cec61867f415051_37)] [added: [29](#i741682724a1a48e58764141f1ff950bd_40)] | | |

| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i464eb12cd10b49e08cec61867f415051_40)] [added: Operations](#i741682724a1a48e58764141f1ff950bd_43)] | | | [removed: [29](#i464eb12cd10b49e08cec61867f415051_43)] [added: [29](#i741682724a1a48e58764141f1ff950bd_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i464eb12cd10b49e08cec61867f415051_55)] [added: Risk](#i741682724a1a48e58764141f1ff950bd_58)] | | | [removed: [36](#i464eb12cd10b49e08cec61867f415051_55)] [added: [36](#i741682724a1a48e58764141f1ff950bd_58)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i464eb12cd10b49e08cec61867f415051_58)] [added: Data](#i741682724a1a48e58764141f1ff950bd_61)] | | | [removed: [37](#i464eb12cd10b49e08cec61867f415051_58)] [added: [37](#i741682724a1a48e58764141f1ff950bd_61)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i464eb12cd10b49e08cec61867f415051_151)] [added: Disclosure](#i741682724a1a48e58764141f1ff950bd_151)] | | | [removed: [72](#i464eb12cd10b49e08cec61867f415051_151)] [added: [70](#i741682724a1a48e58764141f1ff950bd_151)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#i464eb12cd10b49e08cec61867f415051_154)] [added: Procedures](#i741682724a1a48e58764141f1ff950bd_154)] | | | [removed: [72](#i464eb12cd10b49e08cec61867f415051_154)] [added: [70](#i741682724a1a48e58764141f1ff950bd_154)] | | |

| Item 9B. | | | [Other [removed: Information](#i464eb12cd10b49e08cec61867f415051_157)] [added: Information](#i741682724a1a48e58764141f1ff950bd_157)] | | | [removed: [72](#i464eb12cd10b49e08cec61867f415051_157)] [added: [70](#i741682724a1a48e58764141f1ff950bd_157)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspection](#i464eb12cd10b49e08cec61867f415051_160)] [added: Inspection](#i741682724a1a48e58764141f1ff950bd_163)] | | | [removed: [73](#i464eb12cd10b49e08cec61867f415051_160)] [added: [71](#i741682724a1a48e58764141f1ff950bd_163)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i464eb12cd10b49e08cec61867f415051_166)] [added: Governance](#i741682724a1a48e58764141f1ff950bd_169)] | | | [removed: [74](#i464eb12cd10b49e08cec61867f415051_166)] [added: [72](#i741682724a1a48e58764141f1ff950bd_169)] | | |

| Item 11. | | | [Executive [removed: Compensation](#i464eb12cd10b49e08cec61867f415051_169)] [added: Compensation](#i741682724a1a48e58764141f1ff950bd_172)] | | | [removed: [74](#i464eb12cd10b49e08cec61867f415051_169)] [added: [72](#i741682724a1a48e58764141f1ff950bd_172)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i464eb12cd10b49e08cec61867f415051_172)] [added: Matters](#i741682724a1a48e58764141f1ff950bd_175)] | | | [removed: [74](#i464eb12cd10b49e08cec61867f415051_172)] [added: [72](#i741682724a1a48e58764141f1ff950bd_175)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i464eb12cd10b49e08cec61867f415051_175)] [added: Independence](#i741682724a1a48e58764141f1ff950bd_178)] | | | [removed: [74](#i464eb12cd10b49e08cec61867f415051_175)] [added: [72](#i741682724a1a48e58764141f1ff950bd_178)] | | |

| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i464eb12cd10b49e08cec61867f415051_178)] [added: Services](#i741682724a1a48e58764141f1ff950bd_181)] | | | [removed: [74](#i464eb12cd10b49e08cec61867f415051_178)] [added: [72](#i741682724a1a48e58764141f1ff950bd_181)] | | |

| Item 15. | | | [Exhibits, Financial Statement [removed: Schedules](#i464eb12cd10b49e08cec61867f415051_184)] [added: Schedules](#i741682724a1a48e58764141f1ff950bd_187)] | | | [removed: [75](#i464eb12cd10b49e08cec61867f415051_184)] [added: [73](#i741682724a1a48e58764141f1ff950bd_187)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#i464eb12cd10b49e08cec61867f415051_187)] [added: Summary](#i741682724a1a48e58764141f1ff950bd_190)] | | | [removed: [75](#i464eb12cd10b49e08cec61867f415051_187)] [added: [73](#i741682724a1a48e58764141f1ff950bd_190)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 2

Forward-looking statements include, but are not limited to, statements that relate to: trends and opportunities in the global economic environment; trends and opportunities in the semiconductor industry, including in the end markets and applications for semiconductors, in device complexity, and in the complexity of device manufacturing; growth or decline in the industry and the market for, and spending on, wafer fabrication equipment; the anticipated levels of, and rates of change in, margins, market share, served available market, capital expenditures, research and development expenditures, international sales, revenue (actual and/or deferred), operating expenses and earnings generally; management’s plans and objectives for our current and future operations and business focus; restructuring activities; business process improvements and initiatives; volatility in our quarterly results; the makeup of our customer base; customer and end user requirements and our ability to satisfy those requirements; the performance and benefits of our products and services; customer spending and demand for our products and services, and the reliability of indicators of change in customer spending and demand; the effect of variability in our customers’ business plans or demand for our products and services; our competition, and our ability to defend our market share and to gain new market share; the success of joint development and collaboration relationships with customers, suppliers, or others; outsourced activities; our supply chain and the role of suppliers in our business, including the impacts of supply chain constraints and material costs; our leadership and competency, and our ability to facilitate innovation; our research and development programs; the opportunities in our industry for, and our ability to [removed: create,] [added: create] sustainable differentiation; technology inflections in the industry and our ability to identify those inflections and to invest in research and development programs to meet them; our ability to deliver multi-product solutions; the resources invested to comply with evolving standards and the impact of such efforts; changes in state, federal and international tax laws, our estimated annual tax rate and the factors that affect our tax rates; legal and regulatory compliance; the estimates we make, and the accruals we record, in order to implement our critical accounting policies (including, but not limited to, the adequacy of prior tax payments, future tax benefits or liabilities, and the adequacy of our accruals relating to them); hedging transactions; debt or financing arrangements; our investment portfolio; our access to capital markets; uses of, payments of, and impact of interest rate fluctuations on, our debt; our intention to pay quarterly dividends and the amounts thereof, if any*;* our ability and intention to repurchase our shares; credit risks; controls and procedures; recognition or amortization of expenses; our ability to manage and grow our cash position; our ability to scale our operations to respond to changes in our business; our goals and initiatives with respect to environmental, social and governance matters, including emissions, and human [removed: capital, including inclusion and diversity;] [added: capital;] the value of our patents; the materiality of potential losses arising from legal proceedings; the probability of making payments under our guarantees; and the sufficiency of our financial resources or liquidity to support future business activities (including, but not limited to, operations, investments, debt service requirements, dividends, and capital expenditures).

| [Part I.](#i741682724a1a48e58764141f1ff950bd_10) | | | | | | | | |

| Item 1C. | | | [Cybersecurity](#i741682724a1a48e58764141f1ff950bd_22) | | | [25](#i741682724a1a48e58764141f1ff950bd_22) | | |

| [Part III.](#i741682724a1a48e58764141f1ff950bd_166) | | | | | | | | |

| [Part IV.](#i741682724a1a48e58764141f1ff950bd_184) | | | | | | | | |

| [Exhibit Index](#i741682724a1a48e58764141f1ff950bd_193) | | | | | | [74](#i741682724a1a48e58764141f1ff950bd_193) | | |

| [Signatures](#i741682724a1a48e58764141f1ff950bd_196) | | | | | | [77](#i741682724a1a48e58764141f1ff950bd_196) | | |

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

| [Part I.](#i464eb12cd10b49e08cec61867f415051_10) | | | | | | | | |

| Item 1C. | | | [C](#i464eb12cd10b49e08cec61867f415051_1588)[ybersecurity](#i464eb12cd10b49e08cec61867f415051_1588) | | | [25](#i464eb12cd10b49e08cec61867f415051_1588) | | |

| [Part III.](#i464eb12cd10b49e08cec61867f415051_163) | | | | | | | | |

| [Part IV.](#i464eb12cd10b49e08cec61867f415051_181) | | | | | | | | |

| [Exhibit Index](#i464eb12cd10b49e08cec61867f415051_190) | | | | | | [76](#i464eb12cd10b49e08cec61867f415051_190) | | |

| [Signatures](#i464eb12cd10b49e08cec61867f415051_193) | | | | | | [79](#i464eb12cd10b49e08cec61867f415051_193) | | |

Lam Research Corporation 2024 10-K 24

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

Our global information security program, led by our CISO, includes dedicated teams specialized in (i) identity access management, (ii) [removed: data protection, (iii)] incident response, [removed: (iv)] [added: (iii)] vulnerability governance, [removed: (v)] [added: (iv)] security operations and engineering [removed: (vi)] [added: (v)] governance, risk, and compliance, and [removed: (vii)] [added: (vi)] insider risk and intelligence.

Our CISO reports on information security risks at least [removed: quarterly] [added: annually] to the [removed: audit committee] [added: Board] and [removed: at least annually] [added: quarterly] to the [added: audit committee or] Board.

For additional information on certain risks associated with cybersecurity, please refer to “Our Business Relies on Technology, Data, Intellectual Property and Other Sensitive information That is Susceptible to Cybersecurity and Other Threats or Incidents” in [Item 1A: Risk [removed: Factors](#i464eb12cd10b49e08cec61867f415051_16).][added: Factors](#i741682724a1a48e58764141f1ff950bd_16).]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 25

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 26

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

Our Common Stock is traded on the Nasdaq Global Select MarketSM under the symbol “LRCX.” As of August [removed: 22, 2024,] [added: 7, 2025,] we had [removed: 416] [added: 325] stockholders of record.

Share and per share information throughout this Annual Report on Form 10-K [removed: has not] [added: have] been [added: retroactively] adjusted [removed: for the effects of] [added: to reflect] the stock split.

During fiscal year [removed: 2024,] [added: 2025,] our quarterly dividend declared was [removed: $2.00] [added: $0.23] per share.

On [removed: February 1, 2024,] [added: April 30, 2025,] we entered into accelerated share repurchase agreements (the [removed: "February 2024] [added: "April 2025] ASRs") with two financial institutions to repurchase a total of [removed: $700] [added: $500] million of Common Stock.

We took an initial delivery of approximately [removed: 631 thousand] [added: 5.2 million] shares, which represented 75% of the prepayment amount divided by our closing stock price on [removed: February 1, 2024.][added: April 30, 2025.]

The total number of shares received under the [removed: February 2024] [added: April 2025] ASRs [removed: was] [added: will be] based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount.

| Period | | | Total [removed: Number of Shares Repurchased (1)] [added: Number of Shares Repurchased] | | | | | | Average Price Paid per Share [removed: (2, 3)] [added: (1,2)] | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Amount Available Under Repurchase Program | | |

| [removed: May 27, 2024 -] [added: Available balance as of] June 30, 2024 | | | [removed: 365] | | | | | | [removed: $] | [removed: 994.90] | | | | | [removed: 364] | | | | | | [removed: 10,824,660] [added: $] | [added: 10,824,660] | |

[removed: (2)Average] [added: (1)Average] price paid per share excludes the effect of accelerated share repurchase activities.

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 27

[removed: (3)Our] [added: (2)Our] net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act.

[removed: (4)Includes] [added: (3)Includes] shares received at initial [removed: or final] settlement of accelerated share repurchase agreements; see additional disclosures above regarding our accelerated share repurchase activity during the fiscal year.

[removed: (5)Average] [added: (4)Average] price paid per share presented is for the quarter ended June [removed: 30, 2024.][added: 29, 2025.]

The graph tracks the performance of a $100 investment in our Common Stock and in each of the indices (with the reinvestment of all dividends) for the five years ended June [removed: 30, 2024.][added: 29, 2025.]

[removed: ][added: ]

*$100 invested on June [removed: 30, 2019] [added: 28, 2020] in stock or index, including reinvestment of dividends.

Copyright © [removed: 2024] [added: 2025] Standard & Poor’s, a division of S&P Global.

| | | | June [removed: 30, 2019 | | | | | | June] 28, 2020 | | | | | | June 27, 2021 | | | | | | June 26, 2022 | | | | | | June 25, 2023 | | | | | | June 30, 2024 | | | [added: | | | June 29, 2025 | | |]

| Philadelphia Semiconductor Sector Total Return Index | | | $ | 100.00 | | | | | $ | [removed: 134.13] [added: 170.93] | | | | | $ | [removed: 229.27] [added: 145.19] | | | | | $ | [removed: 194.74] [added: 190.01] | | | | | $ | [removed: 254.85] [added: 299.72] | | | | | $ | [removed: 402.02] [added: 306.52] | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 28

A substantially greater number of holders of our Common Stock are street name or beneficial holders, whose shares are held by banks, brokers and other financial institutions.

On October 2, 2024, the Company effected a 10-for-one stock split of its common stock and a proportional increase in the number of authorized shares.

Final settlement of the April 2025 ASRs will occur no later than September 8, 2025.

| Quarter ended September 29, 2024 | | | 11,952 | | | | | | $ | 83.97 | | | | | 11,952 | | | | | | 9,821,006 | | |

| Quarter ended December 29, 2024 | | | 8,336 | | | | | | $ | 78.03 | | | | | 8,336 | | | | | | 9,170,561 | | |

| Quarter ended March 30, 2025 | | | 4,448 | | | | | | $ | 77.91 | | | | | 4,448 | | | | | | 8,824,012 | | |

| March 31, 2025 - April 27, 2025 | | | 4,289 | | | (3) | | | $ | 67.06 | | | | | 4,289 | | | (3) | | | 8,536,414 | | |

| April 28, 2025 - May 25, 2025 | | | 8,891 | | | | | | $ | 77.23 | | | | | 8,891 | | | | | | 7,749,275 | | |

| May 26, 2025 - June 29, 2025 | | | 2,583 | | | | | | $ | 89.85 | | | | | 2,583 | | | | | | 7,517,184 | | |

| Total | | | 40,499 | | | | | | $ | 76.18 | | (4) | | | 40,499 | | | | | | $ | 7,517,184 | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Lam Research Corporation | | | $ | 100.00 | | | | | $ | 210.65 | | | | | $ | 152.10 | | | | | $ | 208.56 | | | | | $ | 368.38 | | | | | $ | 340.09 | |

| Nasdaq Composite Total Return Index | | | $ | 100.00 | | | | | $ | 148.25 | | | | | $ | 120.67 | | | | | $ | 141.53 | | | | | $ | 187.46 | | | | | $ | 215.81 | |

| S&P 500 (TR) Index | | | $ | 100.00 | | | | | $ | 144.51 | | | | | $ | 133.98 | | | | | $ | 151.52 | | | | | $ | 193.19 | | | | | $ | 221.32 | |

On May 21, 2024, we announced a 10-for-one stock split, which is expected to be effective after market close on October 2, 2024, for stockholders of record at that time.

Final settlement of the February 2024 ASRs occurred during April 2024, resulting in the receipt of approximately 140 thousand additional shares, which yielded a weighted-average share price of $917.38 (net of applicable excise taxes) for the transaction period.

| Available balance as of June 25, 2023 | | | | | | | | | | | | | | | | | | | | | $ | 3,537,217 | |

| Quarter ended September 24, 2023 | | | 1,266 | | | | | | $ | 659.88 | | | | | 1,257 | | | | | | 2,707,343 | | |

| Quarter ended December 24, 2023 | | | 976 | | | | | | $ | 660.25 | | | | | 970 | | | | | | 2,067,076 | | |

| Quarter ended March 31, 2024 | | | 951 | | | | | | $ | 853.12 | | | | | 828 | | | (4) | | | 1,206,992 | | |

| April 1, 2024 - April 28, 2024 | | | 142 | | | | | | $ | 882.88 | | | | | 140 | | | (4) | | | 1,206,729 | | |

| Board authorization, $10.0 billion, May 2024 | | | — | | | | | | $ | — | | | | | — | | | | | | 11,206,729 | | |

| April 29, 2024 - May 26, 2024 | | | 24 | | | | | | $ | 974.07 | | | | | 21 | | | | | | 11,186,612 | | |

| Total | | | 3,724 | | | | | | $ | 993.29 | | (5) | | | 3,580 | | | | | | $ | 10,824,660 | |

(1)During the fiscal year ended June 30, 2024, we acquired 144 thousand shares at a total cost of $135.9 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans.

The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan.

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

| Lam Research Corporation | | | $ | 100.00 | | | | | $ | 163.97 | | | | | $ | 345.41 | | | | | $ | 249.39 | | | | | $ | 341.98 | | | | | $ | 604.09 | |

| Nasdaq Composite Total Return Index | | | $ | 100.00 | | | | | $ | 123.12 | | | | | $ | 182.53 | | | | | $ | 148.57 | | | | | $ | 174.25 | | | | | $ | 230.80 | |

| S&P 500 (TR) Index | | | $ | 100.00 | | | | | $ | 104.32 | | | | | $ | 150.75 | | | | | $ | 139.77 | | | | | $ | 158.06 | | | | | $ | 201.53 | |

| Consolidated Statements of Operations — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [38](#i464eb12cd10b49e08cec61867f415051_61)] [added: [38](#i741682724a1a48e58764141f1ff950bd_64)] | | |

| Consolidated Statements of Comprehensive Income — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [39](#i464eb12cd10b49e08cec61867f415051_64)] [added: [39](#i741682724a1a48e58764141f1ff950bd_67)] | | |

| Consolidated Balance Sheets — June [removed: 30, 2024,] [added: 29, 2025,] and June [removed: 25, 2023] [added: 30, 2024] | | | [removed: [40](#i464eb12cd10b49e08cec61867f415051_67)] [added: [40](#i741682724a1a48e58764141f1ff950bd_70)] | | |

| Consolidated Statements of Cash Flows — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [41](#i464eb12cd10b49e08cec61867f415051_70)] [added: [41](#i741682724a1a48e58764141f1ff950bd_73)] | | |

| Consolidated Statements of Stockholders’ Equity — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [43](#i464eb12cd10b49e08cec61867f415051_73)] [added: [43](#i741682724a1a48e58764141f1ff950bd_76)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [44](#i464eb12cd10b49e08cec61867f415051_76)] [added: [44](#i741682724a1a48e58764141f1ff950bd_79)] | | |

| Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) | | | [removed: [69](#i464eb12cd10b49e08cec61867f415051_148)] [added: [67](#i741682724a1a48e58764141f1ff950bd_148)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 37

| June [removed: 30, 2024] [added: 29, 2025] | | | | | | June [removed: 25, 2023] [added: 30, 2024] | | | | | | June [removed: 26, 2022] [added: 25, 2023] | | | | | |

| Revenue | | | $ | [removed: 14,905,386] [added: 18,435,591] | | | | | $ | [removed: 17,428,516] [added: 14,905,386] | | | | | $ | [removed: 17,227,039] [added: 17,428,516] | |

| Cost of goods sold | | | [removed: 7,809,220] [added: 9,456,532] | | | | | | [removed: 9,573,425] [added: 7,809,220] | | | | | | [removed: 9,355,232] [added: 9,573,425] | | |

| Restructuring charges, net - cost of goods sold | | | [removed: 43,375] [added: —] | | | | | | [removed: 78,166] [added: 43,375] | | | | | | [removed: —] [added: 78,166] | | |

| Total cost of goods sold | | | [removed: 7,852,595] [added: 9,456,532] | | | | | | [removed: 9,651,591] [added: 7,852,595] | | | | | | [removed: 9,355,232] [added: 9,651,591] | | |

| Gross margin | | | [removed: 7,052,791] [added: 8,979,059] | | | | | | [removed: 7,776,925] [added: 7,052,791] | | | | | | [removed: 7,871,807] [added: 7,776,925] | | |

| Research and development | | | [removed: 1,902,444] [added: 2,096,387] | | | | | | [removed: 1,727,162] [added: 1,902,444] | | | | | | [removed: 1,604,248] [added: 1,727,162] | | |

| Selling, general, and administrative | | | [removed: 868,247] [added: 981,704] | | | | | | [removed: 832,753] [added: 868,247] | | | | | | [removed: 885,737] [added: 832,753] | | |

| Restructuring charges, net - operating expenses | | | [removed: 18,187] [added: —] | | | | | | [removed: 42,150] [added: 18,187] | | | | | | [removed: —] [added: 42,150] | | |

| Total operating expenses | | | [removed: 2,788,878] [added: 3,078,091] | | | | | | [removed: 2,602,065] [added: 2,788,878] | | | | | | [removed: 2,489,985] [added: 2,602,065] | | |

| Operating income | | | [removed: 4,263,913] [added: 5,900,968] | | | | | | [removed: 5,174,860] [added: 4,263,913] | | | | | | [removed: 5,381,822] [added: 5,174,860] | | |

| Other income (expense), net | | | [removed: 96,309] [added: 57,161] | | | | | | [removed: (65,650)] [added: 96,309] | | | | | | [removed: (188,708)] [added: (65,650)] | | |

| Income before income taxes | | | [removed: 4,360,222] [added: 5,958,129] | | | | | | [removed: 5,109,210] [added: 4,360,222] | | | | | | [removed: 5,193,114] [added: 5,109,210] | | |

| Income tax expense | | | [removed: (532,450)] [added: (599,912)] | | | | | | [removed: (598,279)] [added: (532,450)] | | | | | | [removed: (587,828)] [added: (598,279)] | | |

| Net income | | | $ | [removed: 3,827,772] [added: 5,358,217] | | | | | $ | [removed: 4,510,931] [added: 3,827,772] | | | | | $ | [removed: 4,605,286] [added: 4,510,931] | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 38

| Foreign currency translation adjustment | | | [removed: (29,080)] [added: 44,282] | | | | | | [removed: 6,858] [added: (29,080)] | | | | | | [removed: (50,342)] [added: 6,858] | | |

| Net unrealized gains during the period | | | [removed: 20,370] [added: 20,758] | | | | | | [removed: 10,413] [added: 20,370] | | | | | | [removed: 30,849] [added: 10,413] | | |

| Net [removed: gains] [added: losses (gains)] reclassified into net income | | | [removed: (27,370)] [added: 7,173] | | | | | | [removed: (9,411)] [added: (27,370)] | | | | | | [removed: (29,054)] [added: (9,411)] | | |

| | | | [removed: (7,000)] [added: 27,931] | | | | | | [removed: 1,002] [added: (7,000)] | | | | | | [removed: 1,795] [added: 1,002] | | |

| Net unrealized gains [removed: (losses)] during the period | | | [removed: 314] [added: —] | | | | | | [removed: 1,491] [added: 314] | | | | | | [removed: (4,638)] [added: 1,491] | | |

| Net [removed: (gains) losses] [added: gains] reclassified into net income | | | [removed: (10)] [added: —] | | | | | | [removed: (158)] [added: (10)] | | | | | | [removed: 1,390] [added: (158)] | | |

| | | | [removed: 304] [added: —] | | | | | | [removed: 1,333] [added: 304] | | | | | | [removed: (3,248)] [added: 1,333] | | |

| Defined benefit plans, net change in unrealized component | | | [removed: 6,054] [added: (4,208)] | | | | | | [removed: 83] [added: 6,054] | | | | | | [removed: 5,941] [added: 83] | | |

| Other comprehensive [removed: (loss) income,] [added: income (loss),] net of tax | | | [removed: (29,722)] [added: 68,005] | | | | | | [removed: 9,276] [added: (29,722)] | | | | | | [removed: (45,854)] [added: 9,276] | | |

| Comprehensive income | | | $ | [removed: 3,798,050] [added: 5,426,222] | | | | | $ | [removed: 4,520,207] [added: 3,798,050] | | | | | $ | [removed: 4,559,432] [added: 4,520,207] | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K 39

| [added: June 29, 2025] | | | [added: | | |] June 30, 2024 | | | | | | June 25, 2023 | | | [added: | | |]

| Cash and cash equivalents | | | $ | [added: 6,390,659 | | | | | $ |] 5,847,856 | | | | | $ | 5,337,056 | |

| Accounts receivable, less allowance of [removed: $5,277] [added: $6,496] as of June [removed: 30, 2024] [added: 29, 2025] and [removed: $5,344] [added: $5,277] as of June [removed: 25, 2023] [added: 30, 2024] | | | [removed: 2,519,250] [added: 3,378,071] | | | | | | [removed: 2,823,376] [added: 2,519,250] | | |

| Inventories | | | [removed: 4,217,924] [added: 4,307,991] | | | | | | [removed: 4,816,190] [added: 4,217,924] | | |

| Prepaid expenses and other current assets | | | [removed: 298,190] [added: 440,274] | | | | | | [removed: 251,790] [added: 298,190] | | |

| Basic | | | $ | 4.17 | | | | | $ | 2.91 | | | | | $ | 3.33 | |

| Diluted | | | $ | 4.15 | | | | | $ | 2.90 | | | | | $ | 3.32 | |

| Basic | | | 1,286,101 | | | | | | 1,314,102 | | | | | | 1,354,715 | | |

| Diluted | | | 1,290,142 | | | | | | 1,319,949 | | | | | | 1,358,336 | | |

| Goodwill and intangible assets, net | | | 1,808,685 | | | | | | 1,765,073 | | |

| Additional paid-in capital | | | 8,697,290 | | | | | | 8,223,046 | | |

| Treasury stock, at cost, 1,687,582 shares as of June 29, 2025, and 1,648,239 shares as of June 30, 2024 | | | (27,763,430) | | | | | | (24,365,783) | | |

| Net income | | | $ | 5,358,217 | | | | | $ | 3,827,772 | | | | | $ | 4,510,931 | |

| Issuance of common stock | | | 4,315 | | | | | | 4 | | | | | | 2,448 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,452 | | |

| Purchase of treasury stock | | | (41,812) | | | | | | (42) | | | | | | — | | | | | | (3,409,333) | | | | | | — | | | | | | — | | | | | | (3,409,375) | | |

| Reissuance of treasury stock | | | 2,468 | | | | | | 2 | | | | | | 128,425 | | | | | | 11,686 | | | | | | — | | | | | | — | | | | | | 140,113 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,358,217 | | | | | | 5,358,217 | | |

| Other comprehensive income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 68,005 | | | | | | — | | | | | | 68,005 | | |

| Balance at June 29, 2025 | | | 1,268,740 | | | | | | $ | 1,268 | | | | | $ | 8,697,290 | | | | | $ | (27,763,430) | | | | | $ | (62,423) | | | | | $ | 28,988,914 | | | | | $ | 9,861,619 | |

June 29, 2025

Common Stock Split: On October 2, 2024, the Company effected a ten-for-one stock split of its common stock and a proportionate increase in the number of authorized shares.

All share and per share amounts throughout this Annual Report on Form 10-K have been retroactively adjusted to reflect the stock split.

The par value per share remains unchanged at $0.001 per share after the stock split.

For the periods presented,

The adoption of ASU 2023-07 did not have an impact on the Company’s Consolidated Financial Statements other than additional footnote disclosures.

Refer to [](#i741682724a1a48e58764141f1ff950bd_139)[N](#i741682724a1a48e58764141f1ff950bd_139)[ote 19:](#i741682724a1a48e58764141f1ff950bd_139) [Segment, Geographic Information, and Major Customers](#i741682724a1a48e58764141f1ff950bd_139).

The Company does not expect the adoption of ASU 2023-09 to have an impact on its Consolidated Financial Statements other than additional footnote disclosures.

In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires disaggregation of certain expenses in the notes to the financial statements to provide enhanced transparency into the expense captions presented on the face of the income statement.

In January 2025, the FASB issued ASU 2025-01 which clarified the effective date for entities that do not have an annual reporting period that ends on December 31st.

The guidance is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

The Company is required to adopt this standard in fiscal year 2028 for the annual reporting period ending June 25, 2028 either (1) prospectively to financial statements issued for reporting periods after the effective date or (2) retrospectively to any or all prior periods presented in the financial statements.

| Deferred revenue | | | $ | 2,150,284 | | | | | $ | 449,095 | | (1) | | | $ | 81,680 | | (1) | | | $ | 2,681,059 | |

For the majority of market-based PRSUs granted in the 2025 fiscal year, the number of shares that can be earned over the performance period is based on the Company’s total shareholder return (“TSR”) relative to other companies in the Philadelphia Semiconductor Index (“XSOX”), and ranges from 0% to 150% of target.

Relative TSR performance is measured using the average closing prices of each XSOX company for the 50-trading days prior to the dates the performance period begins and ends.

The target number of shares is earned based on the percentile ranking of the Company’s TSR among the TSRs for the companies making up the XSOX Index.

If the Company’s TSR is negative over the performance period, the payout will be capped at 100%, regardless of the percentile ranking.

| Granted | | | 4,218 | | | | | | 76.25 | | |

| Vested | | | (4,192) | | | | | | 59.63 | | |

| Outstanding, June 29, 2025 | | | 8,964 | | | | | | $ | 74.09 | |

Interest income in the year ended June 29, 2025 decreased compared to the year ended June 30, 2024 primarily due to lower interest rates, partially offset by higher cash balances.

Interest expense decreased in fiscal year 2025 compared to fiscal year 2024 primarily due to the maturity of $500 million of the Company’s senior notes in March 2025.

| | | | June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | |

| | | | June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | |

| | | | June 29, 2025 | | | | | | June 30, 2024 | | |

| | | | June 29, 2025 | | | | | | June 30, 2024 | | | | | | June 25, 2023 | | |

| | | | | | |

| --- | --- | --- | --- | --- | --- |

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

| Basic | | | $ | 29.13 | | | | | $ | 33.30 | | | | | $ | 32.92 | |

| Diluted | | | $ | 29.00 | | | | | $ | 33.21 | | | | | $ | 32.75 | |

| Basic | | | 131,410 | | | | | | 135,472 | | | | | | 139,899 | | |

| Diluted | | | 131,995 | | | | | | 135,834 | | | | | | 140,628 | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Goodwill | | | 1,626,528 | | | | | | 1,622,489 | | |

| Intangible assets, net | | | 138,545 | | | | | | 168,454 | | |

| Additional paid-in capital | | | 8,225,303 | | | | | | 7,809,002 | | |

| Treasury stock, at cost, 164,824 shares as of June 30, 2024, and 161,380 shares as of June 25, 2023 | | | (24,366,866) | | | | | | (21,530,353) | | |

| Purchases of available-for-sale securities | | | — | | | | | | — | | | | | | (567,819) | | |

| Balance at June 27, 2021 | | | 142,501 | | | | | | $ | 143 | | | | | $ | 7,052,962 | | | | | $ | (15,646,701) | | | | | $ | (64,128) | | | | | $ | 14,684,912 | | | | | $ | 6,027,188 | |

| Issuance of common stock | | | 795 | | | | | | 1 | | | | | | 5,681 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,682 | | |

| Purchase of treasury stock | | | (6,574) | | | | | | (7) | | | | | | — | | | | | | (3,845,697) | | | | | | — | | | | | | — | | | | | | (3,845,704) | | |

| Reissuance of treasury stock | | | 253 | | | | | | — | | | | | | 97,209 | | | | | | 10,969 | | | | | | — | | | | | | — | | | | | | 108,178 | | |

| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,605,286 | | | | | | 4,605,286 | | |

| Other comprehensive loss | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (45,854) | | | | | | — | | | | | | (45,854) | | |

The Company estimates the fair value of its market-based performance RSUs using a Monte Carlo simulation model at the date of the grant.

The Company did not adopt any new accounting standards during fiscal year 2024 that had a material impact on the Company’s Consolidated Financial Statements.

| Deferred revenue | | | $ | 1,152,155 | | | | | $ | 353,617 | | (1) | | | $ | 45,824 | | (1) | | | $ | 1,551,596 | |

The designated benchmark index was the Philadelphia Semiconductor Total Return Index (“XSOX”).

Market-based PRSUs utilize the XSOX, which index gives effect to the reinvestment of dividends paid on its constituent holdings, as the benchmark; and accordingly, the Company's Common Stock price performance was adjusted for the reinvestment of dividends on Common Stock on the ex-dividend date.

The result of the vesting formula is rounded down to the nearest whole number.

| Outstanding, June 25, 2023 | | | 1,078 | | | | | | $ | 498.79 | |

| Granted | | | 365 | | | | | | 941.04 | | |

| Vested | | | (462) | | | | | | 525.14 | | |

| Finance lease assets | | | — | | | | | | 32,905 | | |

| Finance lease liabilities | | | — | | | | | | (50,534) | | |

The change in gross deferred tax assets, gross deferred tax liabilities, and valuation allowance between fiscal year 2024 and 2023 is primarily due to increases in gross deferred tax assets for outside basis differences of foreign subsidiaries, tax credits, and capitalized research and experimental expenditures.

At June 30, 2024, the Company had federal net operating loss carryforwards of $7.5 million.

If not utilized, these losses will begin to expire in fiscal year 2026, and are subject to limitation on their utilization.

If not utilized, these losses will begin to expire in fiscal year 2025, and are subject to limitation on their utilization.

At June 30, 2024, the Company had foreign net operating loss carryforwards of $23.2 million.

All of these losses can be carried forward indefinitely, and are subject to limitation on their utilization.

At June 30, 2024, the Company had state tax credit carryforwards of $587.5 million.

On August 16, 2022, the IRA was signed into law.

In general, the provisions of the IRA are effective beginning with the Company’s fiscal year 2024, with certain exceptions.

The IRA includes a new 15% corporate alternative minimum tax.

As required by Exchange Act Rule 13a-15(b), as of June [removed: 30, 2024,] [added: 29, 2025,] we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rule 13a-15(e).

Based upon that evaluation, our Chief Executive Officer, along with our Chief Financial Officer, concluded that our disclosure controls and procedures are effective, as of June [removed: 30, 2024,] [added: 29, 2025,] at the reasonable assurance level.

Management conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal [removed: Control — Integrated] [added: Control—Integrated] Framework used by the Committee of Sponsoring Organizations of the Treadway Commission (2013 Framework).

Based on that evaluation, management has concluded that the Company’s internal control over financial reporting was effective as of June [removed: 30, 2024,] [added: 29, 2025,] at providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP.

Ernst & Young LLP, an independent registered public accounting firm, independently assessed the effectiveness of the Company’s internal control over financial reporting, as stated in their attestation report, which is included in Part II, Item 8 of this [removed: 2024] [added: 2025] Form 10-K.

During the Company’s fiscal quarter ended June [removed: 30, 2024,] [added: 29, 2025,] except for the following arrangements, none of the Company’s directors or officers adopted, modified, or terminated a trading arrangement for the purchase or sale of the Company’s common stock that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) (a “Rule 10b5-1 Trading Arrangement”) or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K):

[removed: Mr. Varadarajan’s] [added: Dr. Vahedi’s] Rule 10b5-1 Trading Arrangement has a termination date of [removed: May] [added: January] 30, [removed: 2025.][added: 2026.]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 72][added: 70]

[removed: The Rule 10b5-1 Trading Arrangement will terminate on the earlier of: (a) its respective termination date indicated] above; (b) execution of all trades or expiration of all the orders relating to such trades under the Rule 10b5-1 Trading Arrangement; or (c) such date as the Rule 10b5-1 Trading Arrangement is otherwise terminated according to its terms.

- On June 11, 2025, Vahid Vahedi, the Senior Vice President, Chief Technology and Sustainability Officer of the Company, adopted a Rule 10b5-1 Trading Arrangement.

Dr. Vahedi’s Rule 10b5-1 Trading Arrangement provides for the potential sale of up to 52,190 shares of the Company’s common stock pursuant to the terms of the Rule 10b5-1 Trading Arrangement.

The Rule 10b5-1 Trading Arrangement will terminate on the earlier of: (a) its respective termination date indicated

- On May 29, 2024, Seshasayee (Sesha) Varadarajan, Senior Vice President, Global Products Group of the Company, adopted a Rule 10b5-1 Trading Arrangement.

Mr. Varadarajan’s Rule 10b5-1 Trading Arrangement provides for: (i) the potential exercise of 3,576 stock options expiring on March 1, 2025, and the associated sale of up to 3,576 shares of the Company’s common stock resulting from such exercise, (ii) the potential exercise of 7,432 stock options expiring on March 1, 2026, and the associated sale of up to 7,432 shares of the Company’s common stock resulting from such exercise, and (iii) a gift of shares totaling approximately $150,000 on the date of execution.

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 73][added: 71]

We have omitted from this [removed: 2024] [added: 2025] Form 10-K certain information required by Part III because we, as the Registrant, will file a definitive proxy statement with the SEC within 120 days after the end of our fiscal year, pursuant to Regulation 14A, as promulgated by the SEC, for our Annual Meeting of Stockholders expected to be held on or about November [removed: 5, 2024,] [added: 4, 2025,] (the “Proxy Statement”), and certain information included in the Proxy Statement is incorporated into this report by reference.

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

For information regarding our executive officers, see Part I, Item 1 of this [removed: 2024] [added: 2025] Form 10-K under the caption “Information about our Executive Officers,” which information is incorporated into Part III by reference.

The information concerning our directors required by this Item is incorporated by reference to our Proxy Statement under the heading “Voting Proposals — Proposal No. 1: Election of Directors — [removed: 2024] [added: 2025] Nominees for Director.”

The information concerning our audit committee and audit committee financial experts required by this Item is incorporated by reference to our Proxy Statement under the [removed: headings “Governance Matters — Corporate Governance — Board Committees” and] [added: heading] “Governance Matters — Corporate Governance — Board [removed: Committees — Audit Committee.”][added: Committees.”]

The information required by this Item is incorporated by reference to our Proxy Statement under the [removed: headings] [added: heading] “Audit Matters — Relationship with Independent Registered Public Accounting [removed: Firm –– Fees Billed by Ernst & Young LLP” and “Audit Matters –– Relationship with Independent Registered Public Accounting Firm –– Policy on Audit Committee Pre-Approval of Audit and Non-Audit Services.”][added: Firm.”]

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 74][added: 72]

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

| Consolidated Statements of Operations — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [38](#i464eb12cd10b49e08cec61867f415051_61)] [added: [38](#i741682724a1a48e58764141f1ff950bd_64)] | | |

| Consolidated Statements of Comprehensive Income — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [39](#i464eb12cd10b49e08cec61867f415051_64)] [added: [39](#i741682724a1a48e58764141f1ff950bd_67)] | | |

| Consolidated Balance Sheets — June [removed: 30, 2024,] [added: 29, 2025,] and June [removed: 25, 2023] [added: 30, 2024] | | | [removed: [40](#i464eb12cd10b49e08cec61867f415051_67)] [added: [40](#i741682724a1a48e58764141f1ff950bd_70)] | | |

| Consolidated Statements of Cash Flows — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [41](#i464eb12cd10b49e08cec61867f415051_70)] [added: [41](#i741682724a1a48e58764141f1ff950bd_73)] | | |

| Consolidated Statements of Stockholders’ Equity — Years Ended June [added: 29, 2025, June] 30, 2024, [removed: June 25, 2023,] and June [removed: 26, 2022] [added: 25, 2023] | | | [removed: [43](#i464eb12cd10b49e08cec61867f415051_73)] [added: [43](#i741682724a1a48e58764141f1ff950bd_76)] | | |

| Notes to Consolidated Financial Statements | | | [removed: [44](#i464eb12cd10b49e08cec61867f415051_76)] [added: [44](#i741682724a1a48e58764141f1ff950bd_79)] | | |

| Reports of Independent Registered Public Accounting Firm | | | [removed: [69](#i464eb12cd10b49e08cec61867f415051_148)] [added: [67](#i741682724a1a48e58764141f1ff950bd_148)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 75][added: 73]

FOR THE FISCAL YEAR ENDED JUNE [removed: 30, 2024][added: 29, 2025]

| [removed: 3.2] [added: 3.3] | | | | | | [Bylaws of the Registrant, as amended and restated, dated [removed: November 8, 2023] [added: May 20, 2025] which is incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on [removed: November 9, 2023] [added: May 21, 2025] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754923000122/ex31amendedandrestatedbyla.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000060/ex31amendedandrestatedbyla.htm)] | | |

| [removed: 4.6] [added: 10.26*] | | | | | | [removed: [Description of Common Stock,] [added: [Executive Severance Policy, as amended and restated] which is incorporated by reference to Exhibit [removed: 4.8] [added: 10.26] to the Registrant’s Annual Report on Form 10-K filed on August [removed: 18, 2020] [added: 29, 2024] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754920000138/exhibit48june2020.htm)] [added: 000-12933)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1026executivesevera.htm).] | | |

| [removed: 10.7*] [added: 10.38*] | | | | | | [removed: [Novellus Systems, Inc. 2011 Stock Incentive Plan,] [added: [Non-employee Director Compensation Program,] as amended [removed: July 18, 2012] which is incorporated by reference to Exhibit [removed: 10.172] [added: 10.38] to the Registrant’s Annual Report on Form 10-K filed on August [removed: 22, 2012] [added: 29, 2024] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000119312512365446/d365655dex10172.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1038non-employeedir.htm)] | | |

| [removed: 10.11*] [added: 10.46*] | | | | | | [Form of Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit [removed: 10.244] [added: 10.1] to the [removed: Registrant’s Current] [added: Registrant's Quarterly] Report on Form [removed: 8-K] [added: 10-Q] filed on [removed: November 5, 2015] [added: April 25, 2025] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000119312515368462/d79742dex10244.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx_3qx2025xexx101xformxr.htm)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 76][added: 74]

| [removed: 10.15*] [added: 10.27*] | | | | | | [removed: [Lam Research Corporation 2007 Stock Incentive Plan,] [added: [Executive Change in Control Policy,] as [removed: amended,] [added: amended and restated] which is incorporated by reference to Exhibit [removed: 4.15] [added: 10.27] to the Registrant’s Annual Report on Form 10-K filed on August [removed: 27, 2013] [added: 29, 2024] (SEC File [removed: No. 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000119312513348269/d556924dex415.htm)] [added: No 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1027executivechange.htm)] | | |

| [removed: 10.21*] [added: 10.48*] | | | | | | [Form of [removed: Market-Based-Based] [added: Market-Based] Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit [removed: 10.1] [added: 10.3] to the [removed: Registrant’s] [added: Registrant's] Quarterly Report on Form 10-Q filed on [removed: October 23, 2018] [added: April 25, 2025] (SEC File [removed: No 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754918000125/lrcx1q2019exhibit10120.htm)] [added: No. 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx_3qx2025xexx103xformxm.htm)] | | |

| [removed: 10.22*] [added: 10.47*] | | | | | | [Form of Restricted Stock Unit [added: Award] Agreement [removed: (U.S.] [added: (International] Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit [removed: 10.1] [added: 10.2] to the [removed: Registrant’s] [added: Registrant's] Quarterly Report on Form 10-Q filed on April [removed: 30, 2019] [added: 25, 2025] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754919000078/lrcx3q2019exhibit10120.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx_3qx2025xexx102xformxr.htm)] | | |

| [removed: 10.23*] [added: 10.49*] | | | | | | [Form of [added: Market-Based Performance] Restricted Stock Unit [added: Award] Agreement [removed: (Outside Directors)] [added: (International Participants)] - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit [removed: 10.3] [added: 10.4] to the [removed: Registrant’s] [added: Registrant's] Quarterly Report on Form 10-Q filed on April [removed: 30, 2019] [added: 25, 2025] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754919000078/lrcx3q2019exhibit10320.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000054/lrcx_3qx2025xexx104xformxm.htm)] | | |

| 10.28 | | | | | | [removed: [Amendment No. 1 to Second] [added: [Third] Amended and Restated Credit Agreement dated [removed: December 7, 2022,] [added: January 27, 2025,] among Lam Research Corporation, [removed: as borrower, the lenders party thereto and] JPMorgan Chase Bank, N.A., as administrative agent, [added: and the other agents and lenders listed therein,] which is incorporated by reference to Exhibit [removed: 10.](https://www.sec.gov/Archives/edgar/data/707549/000070754923000008/lrcx_2qx2023xexx102-amendm.htm)[2](https://www.sec.gov/Archives/edgar/data/707549/000070754923000008/lrcx_2qx2023xexx102-amendm.htm) [to] [added: 10.1 to] the Registrant’s [removed: Quarterly Report] [added: Current report] on Form [removed: 10-Q] [added: 8-K] filed on January [removed: 30, 2023] [added: 29, 2025] (SEC File No. [removed: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754923000008/lrcx_2qx2023xexx102-amendm.htm)] [added: 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754925000011/lamresearch-thirdarcredita.htm)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 77][added: 75]

| 19.1 | | | | | | [removed: [Insider] [added: [Inside](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit191insidertradingpo.htm)[r] Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit191insidertradingpo.htm).] [added: Policy.](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit191insidertradingpo.htm)] | | |

| 21 | | | | | | [Subsidiaries of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit21june2024.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit21june2025.htm)] | | |

| 23 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit23june2024.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit23june2025.htm)] | | |

| 31.1 | | | | | | [Rule 13a — 14(a) / 15d — 14(a) Certification (Principal Executive [removed: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit311june2024.htm)] [added: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit311june2025.htm)] | | |

| 31.2 | | | | | | [Rule 13a — 14(a) / 15d — 14(a) Certification (Principal Financial [removed: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit312june2024.htm)] [added: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit312june2025.htm)] | | |

| 32.1 | | | | | | [Section 1350 Certification — (Principal Executive [removed: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit321june2024.htm)] [added: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit321june2025.htm)] | | |

| 32.2 | | | | | | [Section 1350 Certification — (Principal Financial [removed: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit322june2024.htm)] [added: Officer)](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit322june2025.htm)] | | |

| 97.1 | | | | | | [Policy for the Recovery of Erroneously Awarded [removed: Compensation.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit971policyforrecover.htm)] [added: Compensation which is incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 10-K filed on August](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit971policyforrecover.htm) [29, 2024](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit971policyforrecover.htm) [(SEC File No. 000-12933)](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit971policyforrecover.htm)[.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit971policyforrecover.htm)] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 78][added: 76]

| Date: | | | August [removed: 29, 2024] [added: 11, 2025] | | | | | | LAM RESEARCH CORPORATION (Registrant) | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 79][added: 77]

| /s/ Timothy M. Archer | | | | | | President, Chief Executive Officer and Director | | | | | | August [removed: 29, 2024] [added: 11, 2025] | | |

| /s/ Douglas R. Bettinger | | | | | | Executive Vice President and Chief Financial Officer | | | | | | August [removed: 29, 2024] [added: 11, 2025] | | |

| /s/ Christina C. Correia | | | | | | Group Vice President and Chief Accounting Officer | | | | | | August [removed: 29, 2024] [added: 11, 2025] | | |

| /s/ Abhijit Y. Talwalkar | | | Chairman | | | August [removed: 29, 2024] [added: 11, 2025] | | | /s/ [removed: Ho Kyu Kang] [added: John M. Dineen] | | | Director | | | August [removed: 29, 2024] [added: 11, 2025] | | |

| /s/ Sohail U. Ahmed | | | Director | | | August [removed: 29, 2024] [added: 11, 2025] | | | /s/ [removed: Bethany J. Mayer] [added: Mark Fields] | | | Director | | | August [removed: 29, 2024] [added: 11, 2025] | | |

| /s/ Eric K. Brandt | | | Director | | | August [removed: 29, 2024] [added: 11, 2025] | | | /s/ [removed: Jyoti K. Mehra] [added: Ho Kyu Kang] | | | Director | | | August [removed: 29, 2024] [added: 11, 2025] | | |

Lam Research Corporation [removed: 2024] [added: 2025] 10-K [removed: 80][added: 78]

| 3.2 | | | | | | [Certificate of Amendment to Restated Certificate of Incorporation of the Registrant dated October 2, 2024 which is incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on October 2, 2024 (SEC File No. 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754924000123/lrcx_exx31xcertificatexofx.htm) | | |

| 4.6 | | | | | | [Description of Common Stock](https://www.sec.gov/Archives/edgar/data/707549/000070754925000075/exhibit46-descriptionofcom.htm) | | |

| Abhijit Y. Talwalkar | | | | | | | | | John M. Dineen | | | | | | | | |

| Sohail U. Ahmed | | | | | | | | | Mark Fields | | | | | | | | |

| Eric K. Brandt | | | | | | | | | Ho Kyu Kang | | | | | | | | |

| /s/ Ita M. Brennan | | | Director | | | August 11, 2025 | | | /s/ Bethany J. Mayer | | | Director | | | August 11, 2025 | | |

| Ita M. Brennan | | | | | | | | | Bethany J. Mayer | | | | | | | | |

| /s/ Michael R. Cannon | | | Director | | | August 11, 2025 | | | /s/ Jyoti K. Mehra | | | Director | | | August 11, 2025 | | |

| Michael R. Cannon | | | | | | | | | Jyoti K. Mehra | | | | | | | | |

[Table of Content](#i464eb12cd10b49e08cec61867f415051_7)

| 10.6* | | | | | | [Novellus Accelerated Stock Vesting Retirement Plan Summary which is incorporated by reference to Exhibit 10.30 to Novellus’ Quarterly Report on Form 10-Q filed on November 2, 2010 (SEC File No. 000-17157).](https://www.sec.gov/Archives/edgar/data/836106/000119312510244360/dex1030.htm) | | |

| 10.24* | | | | | | [Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.4 to the Registrant’s Quarterly Report on Form 10-Q filed on April 30, 2019 (SEC File No. 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754919000078/lrcx3q2019exhibit10420.htm) | | |

| 10.25* | | | | | | [Form of Market-Based Performance Restricted Stock Unit Award Agreement (U.S. Participants) - 2015 Stock Incentive Plan which is incorporated by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q filed on April 28, 2020 (SEC File No. 000-12933).](https://www.sec.gov/Archives/edgar/data/707549/000070754920000081/lrcx3q2020exhibit10120.htm) | | |

| 10.26* | | | | | | [Executive Severance Policy, as amended and restated.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1026executivesevera.htm) | | |

| 10.27* | | | | | | [Executive Change in Control Policy, as amended and restated.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1027executivechange.htm) | | |

| 10.38* | | | | | | [Non-employee Director Compensation Program, as amended.](https://www.sec.gov/Archives/edgar/data/707549/000070754924000106/exhibit1038non-employeedir.htm) | | |

| Abhijit Y. Talwalkar | | | | | | | | | Ho Kyu Kang | | | | | | | | |

| Sohail U. Ahmed | | | | | | | | | Bethany J. Mayer | | | | | | | | |

| Eric K. Brandt | | | | | | | | | Jyoti K. Mehra | | | | | | | | |

| /s/ Michael R. Cannon | | | Director | | | August 29, 2024 | | | /s/ Lih Shyng Tsai | | | Director | | | August 29, 2024 | | |

| Michael R. Cannon | | | | | | | | | Lih Shyng (Rick L.) Tsai | | | | | | | | |

| /s/ John M. Dineen | | | Director | | | August 29, 2024 | | | /s/ Leslie F. Varon | | | Director | | | August 29, 2024 | | |

| John M. Dineen | | | | | | | | | Leslie F. Varon | | | | | | | | |